Retirement Plan Overview

As an employee of the State of Tennessee your retirement is a major component of your
benefits package. All regular full-time employees are required to enroll in a retirement
plan. Regular part time employee’s enrollment is optional. Employees who are non-US citizens on F-1 or J-1 visas are not eligible for retirement
membership. Non-exempt employees are automatically enrolled in the Tennessee Consolidated Retirement
System Hybrid (TCRS). TCRS is a defined benefit and contributory plan which requires
5 years of service to vest. Exempt employees have the option to elect the TCRS Hybrid
or Optional Retirement Program Hybrid (ORP). The ORP is a defined benefit and contributory
plan with no vesting requirements.

UT Le Bonheur Pediatric Specialists

Employees who are also a part of UT Le Bonheur Pediatric Specialists are also required
to participate in the ULPS retirement plan. This plan is a 404a-5 plan that requires
a 5% employee contribution and a 9% employer contribution from the practice salary
on a monthly basis. The plan sponsor is John Hancock and plan administrator is Merrill-Lynch-Wealth
Management. Returning ULPS employees who were hired prior to July 1, 2014 may be eligible
to return to the non-contributory option.